For the second time since late February, a huge run on the momentum, and specifically biotech, names hit the market last week. Again, the biotech benchmark took a huge 4% shellacking. Expect cries of biotech bubble to surface again. The fact of the matter is the momentum sell-off was probably more a factor of portfolio managers taking profit than anything else. In a new report, the Credit Suisse team says large cap biotech is cheaper than the S&P 500 on 2016 and 2017 numbers.

Here are the top biotech names rated Outperform at Credit Suisse.

Biogen Idec Inc. (NASDAQ: BIIB) is a top stock to buy at Credit Suisse and it is way above analysts’ earnings estimates for the quarter. The firm, like many on Wall Street, predicts that Biogen’s Tysabri earnings will have a meaningful jump this quarter. Credit Suisse also expects the company to reiterate guidance for anti-LINGO data in acute optic neuritis in the second half of this year, which provides the highest level of potential upside to Biogen’s share price if the results are positive. The Credit Suisse target price for the biotech giant is $400. The Thomson/First Call consensus estimate is $346.84. Biogen closed Friday at $288.27, down a large 4.5%.

Celgene Corp. (NASDAQ: CELG) will soon launch Otezia, which was recently approved for treating psoriatic arthritis. The big issue for the company is the current review of the patents for Revlimid, which range from 2016 to 2027. The outcome will determine the exact length and depth of Celgene’s intellectual property on the drug. Credit Suisse has placed a $210 price target on the stock, and the consensus target is $193.25. Celgene closed trading on Friday at $137.38, down a brutal 4.33%.

Endocyte Inc. (NASDAQ: ECYT) is a biopharmaceutical company and leader in developing targeted small molecule drug conjugates and companion imaging agents for personalized therapy in cancer and other serious diseases. The stock is also the Credit Suisse top small cap pick. Credit Suisse has a huge $44 price target for the stock. The consensus price target is $41.94. Endocyte closed Friday at $21.75, down a huge 7.21%. A move to the target would represent a 90% gain for investors.

Gilead Sciences Inc. (NASDAQ: GILD) is another name in which Credit Suisse is way above the consensus number for the quarter. The firm, like many firms on Wall Street, also thinks the recent concerns that were voiced by members of Congress over the price of Sovaldi will not remain an issue. The current launch numbers for the drug are tracking as perhaps the highest ever recorded. Credit Suisse has placed a $110 price target on the stock, and the consensus figure stands at $98.42. Gilead closed Friday at $72.20, down 2.43%.

Ironwood Pharmaceuticals Inc. (NASDAQ: IRWD) is another smaller market cap stock favored by the Credit Suisse analysts. The company is a leading player in next-generation treatment for chronic constipation and irritable bowel syndrome. The analysts feel that its leading drug candidate could have blockbuster potential. The Credit Suisse target price is $18, and the consensus target is $14.79. Ironwood closed Friday at $11.01, down 4.43%.

Medivation Inc. (NASDAQ: MDVN) has a top prostate cancer drug that would be a valuable acquisition for a big pharmaceutical company. Xtandi is a highly leverageable likely blockbuster product in prostate cancer, a very large market segment, with potential upside in breast cancer. The partnership with Astellas suggests a natural buyer, but many on Wall Street think that third parties would also be interested. The Credit Suisse price target is $95 and the consensus target is $93.10. Medivation closed Friday at $60.03, down a gut wrenching 5.11%.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) has been a performance monster over the past two years, and most Wall Street firms expect it to stay one. With treatments for everything from macular degeneration to colorectal cancer, the company continues to exploit an extraordinary pipeline. The company is viewed by many Wall Street firms as a leading candidate to be one the next generation biotech large cap leaders. The Credit Suisse price target is $340 and the consensus price target is $344.74. Regeneron closed Friday at $285.34, down a large 4.44%.

Portfolio managers selling big gains in momentum stocks that trade at gigantic multiples is one thing. Investors rushing to sell the top biotech leaders is quite another. We recently have covered many firms that tend to make the same argument. The stocks are cheap on a forward earnings basis. Investors who can grit their teeth and leg in some capital now may be well rewarded when they look back later.

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